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I am Quaking In My Shoes!

April 27, 2009
Chris Garlasco, Owner & Managing Partner - Founders Insurance Group

Chris Garlasco, Owner & Managing Partner - Founders Insurance Group

Often during the evening, as my wife Sora is flipping from channel to channel, there seems to be a plethora of attorneys advertising for all the various reasons that you may need to file a suit. My personal favorite is one that runs here locally. Here is a quick synopsis: The “claims manager” finds out from her subordinate, the claims adjuster, that (fill in the attorney’s name here) is on the case! So with great fear and trembling the “claims manager” says, “Let’s settle this one!”

As a former company officer, I find this silly and sad all at the same time. Insurance claims managers never cave in as a result of hearing a particular attorney’s name. Actually, often it is opposite. A simple claim, that should be easily settled, ends up turning into a long drawn out affair that costs all policy holders in the form of increased premiums. Many times this means a larger claim payment overall, but not into the pockets of the policy holder. In our fair state, 33% of the claim ends up in the pockets of the attorney, plus those attorneys also get money for their “expenses”. In some states in can be as much as 40% of the claim.

Given the simplicity of the above mentioned TV ads, I often wonder what particular target audience they are trying to reach.

Now before all you attorneys get your knickers in a knot, I do believe that there are some claims that are complex and legal representation is a good idea. However, law suits should be thought of like antibiotics, in targeted doses, they can be very effective, but when they are over used, they can often do more harm than good.

This is an important subject that I will be revisiting on and off over the next several months, but right now, I’m too busy quaking in my shoes to continue. My wife just caught me with the remote!

Thank you for spending your valuable time with me!

Your humble risk manager,

Chris Garlasco

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